Energy

Putin is squeezing gas supplies. And Europe is getting seriously worried about a total shutdown

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BRUSSELS — European leaders are growing increasingly concerned about the possibility of a full shutdown of gas supplies from Russia, with Italy asking for a new meeting to debate the matter.

Gazprom, Russia’s state-backed energy supplier, has reduced its gas flows to Europe by about 60% over the past few weeks, prompting Germany, Italy, Austria and the Netherlands to all indicate they could turn back to coal once again.

It comes as Europe — which receives roughly 40% of its gas via Russian pipelines — tries to rapidly reduce its reliance on Russian hydrocarbons in response to the Kremlin’s nearly four-month-long onslaught in Ukraine.

“Russia is diminishing the supply of gas little…



Source cnbc.com

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